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datasets.lee05.2.txt Maven / Gradle / Ivy

Cash-strapped financial services group AMP has shelved a $400 million plan to buy shares back from investors and will raise $750 million in fresh capital after profits crashed in the six months to June 30. Chief executive Paul Batchelor said the result was "solid" in what he described as the worst conditions for stock markets in 20 years. AMP's half-year profit sank 25 per cent to $303 million, or 27c a share, as Australia's largest investor and fund manager failed to hit projected 5 per cent earnings growth targets and was battered by falling returns on share markets.